CIC may give 'indirect' support to Europe

China Investment Corporation, the nation’s sovereign wealth fund, may provide some support to Europe through investments, though it would not be China’s main route for any aid, according to Jesse Wang, CIC executive vice president, Bloomberg reported. “If during such a process there are good investment opportunities in Europe and if CIC’s investment helped the destination company or country to recover and developed the economy, that would be indirect support,” Wang said yesterday. China holds the world’s largest foreign exchange reserves, with US$3.2 trillion, and may be willing to support Europe through an IMF plan. CIC had US$409.6 billion under management at the end of 2010, and “is under no obligation to follow the government’s policy orders in its operations because it’s a commercial entity,” Wang said.